Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Namibia cuts ties with North Korea state firms: South Korea government, media

Published 07/01/2016, 12:32 AM
Updated 07/01/2016, 12:40 AM
Namibia cuts ties with North Korea state firms: South Korea government, media

SEOUL (Reuters) - Namibia has halted ties with two North Korean state-run companies, that had built a munitions factory and were involved in projects for its military, to comply with U.N. sanctions on Pyongyang, Namibian media and the South Korean government said.

The Namibian government has terminated services of Korea Mining Development Trading Corporation and Mansudae Overseas Projects, The Namibian, a daily newspaper reported on Thursday.

Namibia is one of a dwindling number of Cold War-era friends the isolated North Korea is managing to maintain.

South Korea's foreign ministry said Namibia had taken the step to cut ties with the firms as part of complying with U.N. sanctions, and the African state has notified the U.N. Security Council and the North Korean government.

The Korea Mining Development Trading Corporation (KOMID) is blacklisted under U.N. sanctions for earning foreign cash via illicit arms trades. Mansudae is a North Korean construction firm that had been building public artworks, statues and monuments in African countries.

This year, a report by a U.N. panel of experts noted KOMID and Mansudae are connected, either working with each other or using one another as a front.

The panel said in February that Namibia had confirmed Mansudae was involved in several military construction projects and that KOMID had earlier built a munitions factory in cooperation with or using the alias of Mansudae.

North Korea has come under growing diplomatic pressure since its January nuclear test and a space rocket launch in February, which led to a new U.N. Security Council resolution in March tightening sanctions against Pyongyang.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The Namibian government informed Pyongyang of its decision to end its cooperation with the North Korean companies during its international affairs minister's visit to North Korea in late June, according to the Namibian.

The African country's move follows Uganda ending its security and military cooperation with Pyongyang after a summit between South Korea and Uganda.

North and South Korea are technically still at war because their 1950-53 conflict ended in an armistice, not a peace treaty.

South Korea has been making diplomatic efforts to engage North Korea's old allies to press for change in the isolated state.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.